Australian Government Guarantee Scheme

All Firefighters Credit Union savings and deposits up to $1 million per member remain guaranteed by the Federal Government free of charge.

Firefighters Credit Union members with over $1 million in deposits now have a range of options available to them should they wish to have their savings guaranteed.

The Federal Government recently introduced a guarantee on all deposits with Australia’s credit unions, building societies, and banks in response to the economic conditions currently being experienced by the global financial markets.

Firefighters General Manager Michael Enticott said members had the choice of whether or not to guarantee their savings over $1 million.

“We expect that the small number of members with over $1 million with Firefighters Credit Union will understand that we are in a very strong financial position,” Mr. Enticott said.

“Firefighters Credit Union has no exposure to the American sub-prime market as we only lend to members who are all Australian based.”

“We do not lend to large commercial or business corporations either, as our focus is on assisting individuals and small businesses.”

“Furthermore, Firefighters Credit Union has built up a strong capital position of $3.5 million in member reserves which we believe is a prudent approach to managing the Credit Union through the current environment.”

Options available to members who want their deposits over $1 million to be guaranteed include:

• Members may be in position to spread out their funds by allocating them across different     memberships such as husband and wife or individual or company. Members should seek their own financial advice on whether this is appropriate for them.
• If members would rather keep all their funds with Firefighters Credit Union, they can pay a fee of 1.50% p.a. to have those funds fully guaranteed by the Government. The cost only applies to that amount in excess of $1 million.

For more information please contact Firefighters Credit Union on 03 8417 1777 or 1300 366 350

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